Historically, Bitcoin’s price cycles were driven by a narrow set of actors: early whales, miners, and retail traders. These players often operated in a boom-and-bust pattern, with whales unloading large amounts of Bitcoin when retail interest waned, triggering cascades of sell-offs.
Ju likened this to “a game of Musical Chairs,” where everyone tried to exit at the same time, leaving late movers stuck with depreciating assets.
He said:
“…It feels like it’s time to throw out that cycle theory.”
He believes the steady inflows from ETFs are a key factor supporting prices, allowing Bitcoin to absorb old supply without triggering the usual cycle of panic selling. This suggests a maturing market structure, where capital rotation happens more gradually and less destructively.
A long-term chart shared by Ju shows Bitcoin’s profit-taking signal flattening compared to prior tops, reflecting a slower, more stable adjustment rather than a dramatic reversal.
